ANSBACHER accounts were funds that were lodged in Ireland by a bank from the Cayman Islands called Ansbacher Cayman Limited. The accounts formed a central role in an unauthorised, secret financial service run by Des Traynor.
Mr Traynor, since deceased, was an accountant with Guinness & Mahon Bank and a financial advisor to former Taoiseach Charles Haughey.
Wealthy Irish individuals could keep money offshore, have no record of their deposits in Ireland and yet have access to their funds within the State, through Mr Traynor (inset).
Clients deposited tens of millions of pounds with Ansbacher and the money was treated for tax purposes as if it had been lodged offshore. The accounts were in operation from 1971 until the mid-1990s.
Their existence was exposed during the McCracken Tribunal, set up in 1997 to look into payments by businessman Ben Dunne to former Taoiseach Charles Haughey and former cabinet minister Michael Lowry.
The Revenue Commissioners began investigating the accounts in 1999 and up to last year had secured âŹ113m in taxes and penalties from account holders. However, not one prosecution occurred.
Ah sure what harm was it really. Almost every Irish person I know loves the odd bit of tax free dodgy dealing if they can get away with it. These were just doing it a higher level.
Assuming Martin will step down after his 2.5 years and a viscous leadership battle will occur in FF
Thatâs if the west coast crew donât heaven against Martin before then
Who will be the players? Little Biffo and OâCallaghan? OâCuiv will throw his name in to reclaim the glory of the party Iâd assume. Callery and McGrath are soft.
OâCallaghan would be interesting for them but hard to see how he would be perceived nationally given his career background and where heâs from.
Ocallaghan has shot himself in the foot big time here. He was offered a chance to serve his country in unprecedented times and said no as it doesnât suit his ego.
Mickey Martin will be lucky to see out the year it would seem. Everyone is seething with him
From what I know of him Iâd imagine Willie is secretly delighted he wonât have to do any extra work
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